United Fund closes biogas facility financing

Funding on a project to develop a methane gas purification facility at the city of San Diego's Point Loma wastewater treatment plant, and the installation of three fuel cells with a combined capacity of 4.5MW at multiple locations in San Diego, has closed.

United Fund Advisors (UFA) recently completed the tax credit equity financing on the $45 million (€33 million) renewable energy project located in San Diego, California.

The purified methane gas from the wastewater treatment site will be inserted into San Diego Gas & Electric's natural gas pipeline and nominated for use at two of the fuel cell locations.

A 2.8MW fuel cell will be located at U.C. San Diego and will be part of the school's East Campus Sustainability Park.

The other two fuel cells will be located at the City of San Diego's Point Loma and San Ysidro wastewater treatment plants.

The company estimates that the project will eliminate the emission of approximately 68,100 pounds of pollutants a year in San Diego.

The sponsors of the project, BioFuels Energy and New Energy Capital expect the construction of the gas treatment plant and the three fuel cells to be completed in September of 2011.

UFA is a financial services company that develops and employs triple bottom line investment strategies.

U.S. Bancorp is the parent company of U.S. Bank, the fifth largest commercial bank in the United States.

BioFuels Energy, based in Encinitas, California, develops innovative renewable energy projects utilising waste resources from municipal landfills and wastewater treatment facilities.

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